Avery  Architectural  and  Fine  Arts  Library 
Gift  of  Seymour  B.  Durst  Old  York  Library 


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ADVERTISING 

Office  &  Apartment 
Buildings 


A  paper 
prepared  for  the 
National  Association  of 
Building  Owners  and 
Managers  presented 
at  its  National 
Convention, 
Del  Monte, 
Cal. 


By 

CHARLES  CRIST  DELMONICO 

Vice-President 

Birch-Field  &  Company,  inc. 
110  West  40th  Street 
New  York 

INTELLIGENT  ADVERTISING 


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BUILDING 

A^A///^  N  EW  YO  R  K  ~  >7//  tgJ8//> Street- 


A  SEVEN  COLUMN  NEWSPAPER  ADVERTISEMENT  THAT  COM- 
PELS ATTENTION  AND  CREATES  A  VIVID  MENTAL  IMPRESSION 
OF  THIS  BUILDING'S  SIZE  AND  IMPORTANCE. 


Advertising  Office  and  Apartment 

Buildings 


DVERTISING  for  real  estate  is  just  as  valuable  as 
it  is  for  soap,  flour,  bread,  clothing  or  motor  cars. 

A  new  building  has  not  only  its  entire  space  to 
sell  but  it  has  a  standing  to  create  and  maintain.  It 
needs  public  good  will.  Its  space  is  just  as  much 
merchandise  as  the  kind  of  articles  which  are  sold  over  the 
counter.  The  same  principles  of  merchandising  may  be  applied 
to  the  sale  of  space,  as  with  counter  sale  articles. 

I  grant  that  buildings  can  and  do  exist  without  advertising. 
So  do  many  different  business  concerns.  But  the  tooth  paste, 
the  motor  car,  the  building  that  is  advertised,  usually  enjoy  a 
wider,  better  reputation,  and  advertising  any  new  product  or  new 
building  most  assuredly  is  a  short  cut  to  its  successful  and  profit- 
able merchandising. 

The  problem  that  confronts  us  in  advertising  real  estate  is 
merely  one  of  applying  to  it  the  established  and  basic  principles 
of  advertising  and  merchandising  that  have  proved  successful  in 
other  lines. 

I  am  going  to  try  to  show  you  how  this  is  done,  how  success- 
ful real  estate  advertising  plans  are  conceived  and  carried  out. 
I  am  going  to  try  to  confine  myself  to  facts  rather  than  theories 
and  opinions,  facts  that  are  based  upon  thirteen  years  of  experi- 
ence specializing  in  this  particular  field. 

What  Is  the  Value  of  Advertising  for  a  New  Office 

Building  ? 

When  a  new  building  is  planned  and  erected  the  important 
object  is  to  rent  it  rapidly  and  profitably  and  to  maintain  it  on  a 
basis  of  productive  returns. 

The  first  and  most  important  function  of  advertising  for  a 
new  building  is  to  create  public  acceptance,  good  will,  a  definite 
standing,  character,  personality,  if  you  like,  for  that  building. 

You  might  ask  why  advertising  is  needed  to  do  this, 
in  view  of  the  fact,  in  many  localities,  particularly  where  a 


Page  one 


building  is  in  a  prominent  location,  its  very  construction  is 
an  advertisement.  Those  who  pass  it,  see  it,  know  about  it. 
But  that  isn't  enough.  The  important  point  is  what  kind  of 
an  impression  is  that  building  making  upon  the  renting  pub- 
lic, or,  in  fact,  the  public  as  a  whole. 

Through  advertising  you  can  definitely  create  a  distinct 
character  for  that  building — you  can  give  it  good  will  by 
featuring  its  advantages  in  public  print.  Thus  you  form  an 
impression  of  the  building  in  the  public's  mind  and  mould 
public  opinion. 

One  feature  will  impress  one  man,  another  will  appeal  to 
the  next  man,  with  the  result  that  instead  of  the  building 
being  thought  of  simply  as  "that  new  building  on  blank 
street"  it  is  accepted  as  a  new  building  with  this  feature  or 
that.  When  the  building  is  thought  of  and  discussed  it  has 
a  definite  reputation. 

Advertising  can  do  this  for  a  building  while  it  is  under 
construction  and  before  it  is  in  a  position  to  create  much  of 
an  impression  for  itself. 

Without  analysis  it  might  seem  that  newspaper  adver- 
tising for  a  building  is  wasteful.  If  you  have  an  analytical 
turn  of  mind  you  might  try  and  figure  just  what  proportion  of 
newspaper  circulation  reaches  the  executives  who  are  goin£  to 
sign  your  leases.  The  proportion  of  business  executives  who 
will  be  in  the  market  for  office  space  in  any  newspaper  circula- 
tion is  comparatively  small,  but  the  balance  of  circulation  is  not 
waste  circulation  by  any  manner  of  means. 

Every  man  on  the  street,  from  messenger  boy  to  book- 
keeper ;  every  woman,  from  file  clerk  to  the  executive's  wife ; 
every  person  who  knows  about  the  building  on  whom  your 
advertising  has  made  an  impression  is  an  advertisement  for 
the  building  and  very  often  a  real  factor  in  the  renting. 

We  have  found  that  many,  many  executives  ask  for  and 
value  the  opinion  of  their  office  force,  their  family  and  friends 
in  matters  pertaining  to  their  business.  Hence  the  good 
opinion  of  the  public  is  of  decided  value.  Business  men  like 
to  have  their  offices  in  a  building  that  everybody  knows,  and 
advertising  is  the  quickest  means  of  making  a  new  building 
favorably  known. 

The  building  that  once  creates  a  favorable  and  wide- 
spread reputation  through  advertising  will  not  only  be  more 
readily  and  rapidly  rented  in  the  first  instance  but  will  have 
its  leases  more  easily  renewed  in  the  future  and  will  be  more 
easy  to  maintain  on  the  90%  or  better  rented  basis,  which  is  the 
goal  which  stands  for  profitable  investment. 

1  know  this  to  be  true.  I  have  in  mind  two  buildings  in 
New  York.  Both  favorably  located ;  both  were  built  about 
the  same  time.    One  advertised  and  the  other  did  not  adver- 


Page  two 


tise  at  all.  The  advertised  building  was,  of  course,  more 
rapidly  filled.  The  real  test  of  advertising  value  came  in 
later  years,  however.  The  advertised  building  has  had  no 
difficulty  in  keeping  well  rented,  whereas  its  contemporary 
has  had  a  constant  struggle  to  keep  on  the  profit  side  of  the 
ledger. 

There  is  another  important  side  to  advertising  in  its 
relation  to  an  office  building,  and  that  is  the  matter  of  rent- 
als. It  is  an  easy  matter  to  rent  almost  any  new  building 
if  you  will  take  the  buyer's  price.  Strict  adherence  to  a  rental 
schedule  that  insures  a  fair  return  and  the  amount  of  space 
that  is  leased  on  that  schedule,  at  least  above  the  maintenance 
cost  of  the  space,  is  the  true  barometer  of  a  building  success. 

I  do  not  mean  to  imply  that  advertising  will  enable  you 
to  obtain  excessive  rentals  but  usually  the  building  which 
has  not  been  advertised  is  the  one  in  which  rentals  are  below 
standard.  It  is  logical  that  buildings  that  have  built  a  reputa- 
tion will  have  less  difficulty  in  obtaining  a  fair  price  for  their 
space  than  one  that  is  less  favorably  known.  Advertising  is 
a  short  cut  in  reputation  building. 

The  above  results  of  an  advertising  campaign,  while  they 
seem,  to  a  degree,  intangible,  are  very  potent  factors  in  rent- 
ing. The  value  of  advertising,  as  a  reputation  builder,  while 
very  obvious  in  the  net  results  is  very  difficult  to  directly 
trace  or  check.  This  is  equally  true  in  advertising  almost 
anything. 

There  is  a  certain  type  of  advertising,  a  component  part 
of  any  well  rounded  out  advertising  campaign,  which  brings 
few  direct  traceable  returns,  yet  it  is  valuable. 

The  larger  the  tenant,  the  bigger  the  business  man,  the 
less  apt  he  is  to  credit  his  interest  to  the  advertisement.  The 
advertisement  makes  an  impression  in  his  mind,  however, 
and  helps  him  to  arrive  at  a  decision.  So  the  net  results  are 
direct  enough  although  they  are  not  so  easily  traced. 

The  smaller  business  man,  the  man  who  wants  small 
office  space,  is  the  one  whose  direct  inquiries  you  can  trace. 
I  have  known  as  many  as  eighteen  inquiries  in  one  day  from 
one  display  advertisement  in  one  newspaper  for  units  of  600 
feet  to  2,000  feet,  whereas  there  might  not  be  a  traceable 
inquiry  throughout  an  entire  month  for  a  space  of  10.000 
square  feet  and  up,  although  these  larger  units  were  con- 
stantly being  rented.  The  sum  total  of  the  value  of  news- 
paper advertising  for  an  office  building  must  be  measured 
both  by  tangible  and  intangible  results. 

How  Can  an  Old  Building  Be  Advertised? 

There  are  office  buildings  today  five  or  ten  years  old 
that  have  never  advertised — perhaps  never  needed  to  adver- 
tise in  order  to  keep  profitably  rented.    Owing  to  competi- 


Page  three 


tion  from  newer,  more  modern  buildings  they  are  faced  with 
either  decreasing  rentals  or  more  unrented  space  to  carry. 
Buildings  such  as  these  can  be  advertised  profitably  and 
should  be  advertised  consistently. 

The  mere  offering  of  space  to  rent  is  not  sufficient  in  the 
face  of  competition.  Such  buildings  need  what  is  known  as 
institutional  advertising.  This  is  merely  good  will  copy  that 
helps  to  maintain  in  the  public  eye  the  position  that  building 
has  held  in  the  past. 

A  very  excellent  example  of  this  and  the  kind  of  adver- 
tising and  its  results  is  shown  by  a  prominent  building  on 
23rd  Street.  This  building  is  a  consistent  advertiser  along 
these  lines  in  preferred  position  in  the  newspapers  with  the 
result  that  it  has  maintained,  for  years,  a  unique  standing 
among  office  buildings. 

Taking  it  for  granted,  then,  that  advertising  for  an  office 
building  has  value,  the  next  question  that  comes  to  mind  in 
any  new  building  is  "How  much  should  we  spend  for  adver- 
tising?" I  say  spend  advisedly  since,  unfortunately,  this  is 
the  way  too  many  property  owners  look  upon  advertising — 
as  an  expense.  Actually  its  an  investment  in  good  will — the 
best  insurance  any  building  can  have. 

In  planning  the  erection  of  an  office  building,  everything 
that  goes  into  that  building  and  its  future  operation  is  esti- 
mated in  advance.  In  doing  this  most  owners  figure  in  every- 
thing except  advertising.  As  a  matter  of  fact,  while  adver- 
tising is  a  small  factor  from  a  standpoint  of  investment  as 
against  the  cost  of  land,  construction,  etc.,  nevertheless,  it  is 
just  as  important  to  the  success  of  a  building  as  the  masonry, 
steel  work  and  operation. 

Thus  when  it  comes  to  determining  what  amount  should 
be  spent  on  advertising  it  is  literally  like  "pulling  teeth"  to 
obtain  any  kind  of  an  adequate  appropriation.  The  owner 
looks  upon  an  advertising  appropriation  of  any  kind  as  just 
another  unlooked  for  and  undesirable  expense. 

I  had  an  example  of  this  not  very  long  ago  when  sub- 
mitting an  advertising  campaign,  at  the  request  of  the  renting 
agent.  The  owner  at  first  seemed  of  the  opinion  that  the 
renting  agent  was  laying  down  on  the  job  in  requesting  an 
appropriation.  We  had  to  convince  him  that  an  advertising 
campaign  was  not  only  a  good  investment  for  his  building 
but  it  was  a  short  cut  to  its  ultimate  goal. 

The  renting  agent  would  probably  have  rented  the  build- 
ing without  the  stimulus  of  advertising,  but  it  was  equally 
probable  that  it  would  have  taken  him  twice  as  long,  and 
delays  in  renting  a  new  building  are  costly.  A  one  armed 
man  can  do  a  job  in  a  given  length  of  time,  but  give  him  two 
arms  he  can  do  it  much  faster  and  better. 


Page  four 


The  investment  in  an  office  building  project  is  great 
enough  to  warrant  the  same  kind  of  protection  as  any  other 
merchandising  product  receives — the  cost  of  an  advertising 
appropriation  in  proportion  to  the  value  of  the  merchandise 
to  be  sold  is  very  much  less  than  most  other  advertised  prod- 
ucts. The  power  of  advertising  as  a  rental  aid,  is  the  right 
hand  assistant  to  the  rental  man  and  should  not  be  over- 
looked. 

How  Can  an  Appropriation  Be  Estimated  in  Advance? 

Determining  the  size  of  the  advertising  appropriation, 
the  amount  that  will  be  necessary  to  obtain  a  given  result, 
should  not  be  done  haphazardly.  There  is  no  need  to  guess 
at  the  sum  that  should  be  spent  or  to  appropriate  a  few 
thousand  dollars  and  then  if  it  be  found  too  little,  to  appro- 
priate more.  The  necessary  advertising  appropriation  for  any 
given  building  may  be  determined  in  advance  with  consider- 
able accuracy. 

In  our  office  accurate  records  have  been  kept  of  many 
complete  advertising  campaigns  together  with  notations  as 
to  conditions  surrounding  the  building  and  other  points  of 
vital  interest.  These  are  kept  in  such  a  way  that  they  can 
be  used  for  reference  in  estimating  a  campaign  for  any  new 
building.  It  is  merely  necessary  then  to  analyze  the  compo- 
nent factors  surrounding  the  new  building  to  be  able  to 
approximate  in  advance  the  necessary  advertising  investment. 

It  is  impossible,  unfortunately,  for  me  to  give  you  a  for- 
mula to  go  by.  There  are  too  many  factors  which  must  be 
taken  into  consideration,  balanced  and  analyzed  before  a  con- 
clusion may  be  drawn.  Each  case  is  individual.  We  must 
analyze  competition,  sales  resistance,  market  conditions,  de- 
sirable and  undesirable  features. 

An  office  building  that  is  not  favorably  located,  for  exam- 
ple, or  one  that  has  active  competition,  by  one  or  more  other 
new  buildings  in  the  immediate  vicinity,  would  require  pro- 
portionately a  larger  advertising  appropriation  than  one 
which  is  in  a  prominent  location  or  one  that  has  not  the 
keen  competition. 

We  handled  the  advertising  for  one  building  in  New 
York  that  contained  about  275,000  sq.  ft.  It  was  not  in  an 
accepted  office  locality.  It  required  about  $60,000  in  adver- 
tising at  various  seasons  over  a  period  of  two  and  one-half 
years.  Under  ordinary  conditions  without  the  handicap  of 
location  or  a  fairly  high  scale  of  rental,  this  building  would 
not  have  required  more  than  $30,000  and  would  have  rented 
in  a  much  shorter  time.  A  successful  advertising  appropri- 
ation of  $40,000  over  a  period  of  eight  months,  was  sufficient 
for  a  450,000  sq.  ft.  building  in  the  Grand  Central  zone.  A 


Page  jive 


65,000  sq.  ft.  building  in  the  same  locality  was  rented  in  about  the 
same  period  of  time  with  an  appropriation  of  $6,500. 

Nevertheless,  in  each  case,  by  referring  to  other  build- 
ings whose  advertising  we  have  conducted  completely  and 
whose  situation  has  been  parallel,  and  by  allowing  for  the 
proportionate  rentable  area  of  each  building,  it  is  not  a  diffi- 
cult matter  for  us  to  arrive  at  a  sum  which  will  be  very  close 
to  the  amount  which  will  be  required. 

It  is  always  well  in  determining  an  advertising  appropri- 
ation to  allow  enough.  It  is  far  better  to  cut  the  advertising 
down  should  the  success  of  the  building  warrant  your  doing 
so  rather  than  to  find  it  necessary  to  expand  the  appropriation 
to  cover  unforseen  contingencies  and  conditions.  For  one 
building,  we  estimated  the  appropriation  at  $35,000.  The 
owner  allowed  us  $15,000.  Instead  of  planning  the  adver- 
tising on  an  adequate  basis  we  had  to  stretch  out  the  small 
appropriation  to  a  point  where  it  was  not  fully  efficient.  The 
result  was  that  the  end  of  the  first  renting  season  found  con- 
siderable vacant  space  remaining  which  required  a  total  of 
about  $25,000  more  in  advertising  over  the  following  year 
before  it  was  marketed.  If  the  original  $35,000  had  been 
appropriated  it  probably  wTould  not  have  been  necessary  to 
spend  over  $30,000,  whereas,  by  short-sighted  economy,  it 
cost  the  owner  $40,000  in  advertising  aside  from  the  loss  of 
revenue  from  space  wThich  otherwise  would  have  been  rented 
much  sooner. 

Advertising  appropriations  should  be  based  upon  the  total 
net  rentable  area  or  on  a  percentage  of  the  estimated  rent  roll. 

In  either  case  the  amount  will  be  proportionately  small 
and  in  both  cases  the  total  amount  of  net  rentable  area,  or 
the  total  amount  of  estimated  rent  roll,  should  be  considered 
irrespective  of  that  portion  of  the  building  which  may  be 
rented  in  advance  of  the  advertising  or  from  plans  early  in 
the  building's  conception. 

Many  new  office  structures  are  50%  rented  from  plans  almost 
before  the  building  is  erected.  This  does  not  lessen  the  advertis- 
ing or  rental  problem,  however,  for,  as  you  well  know,  it  is  the 
renting  of  the  last  half  of  a  new  building  in  which  the  greatest 
amount  of  work  is  necessary  and  the  greatest  difficulty  is 
found. 

Roughly  speaking,  in  New  York  an  advertising  appropri- 
ation will  average  about  10c  per  sq.  ft.  based  on  the  total 
net  rentable  area.  On  the  other  hand,  we  have  handled  cam- 
paigns for  new  buildings  that  have  cost  as  little  as  5c  per 
sq.  ft.  as  well  as  others  which,  because  of  conditions,  have 
required  a  considerably  greater  percentage.  This  is  figured 
on  a  basis  of  New  York  newspaper  rates.  Newspaper  rates 
in  most  other  cities  are  from  10  to  50  per  cent  less  than  in 
New  York  which  would  enable  you  to  reduce  somewhat  the 


Page  six 


square  foot  advertising  charge  and  still  obtain  a  campaign  of  the 
same  size  and  scope.  These  figures,  too,  are  based  upon  office 
buildings  with  rentable  area  of  100,000  sq.  ft.  up.  Smaller 
buildings  some  times  rent  very  easily  but  other  times  require  pro- 
portionately a  very  much  larger  appropriation. 

Atter'the  necessary  appropriation  is  obtained  the  next 
step  is : 

Preparing  the  Advertising  Campaign 

Before  a  campaign  can  be  instituted,  of  course,  a  sound 
building  policy  should  be  developed,  a  sound  scale  of  rentals 
determined,  service  and  other  features  of  the  building  gener- 
ally settled  on  by  the  owner  and  renting  agent.  Any  cam- 
paign must  have  a  sound  basis  to  be  built  upon. 

A  weil-rounded  advertising  campaign  should  be  planned 
out  in  detail  in  advance  exactly  as  a  military  campaign  would 
be.  You  have  artillery,  hand  grenades  and  machine  guns,  of 
advertising  to  utilize  and  there  is  the  proper  time  for  heavy 
shelling  and  barrage.  The  campaign  should  be  divided  into 
four  distinct  attacks. 

1st — Advance  institutional  advertising. 

2nd — Active  selling  advertising. 

3rd — Merchandising  advertising. 

4th — Post  season  advertising. 

The  entire  campaign  is  planned  to  lead  up  to  the  active 
renting  season  for  which  the  new  building  is  being  made 
ready  for  occupancy. 

The  first  guns  of  the  advance  advertising  should  start 
early,  just  as  quickly  as  the  plans  are  available.  In  many 
cases  an  entire  year  before  completion  is  not  too  soon.  This 
advertising  is  primarily  of  the  character  forming  type  of 
which  I  previously  spoke.  It  is  intended  to  create  a  general 
advance  impression  of  desirability  and  to  interest  the  large 
space  user,  who  needs  must  determine  his  office  location  well 
in  advance. 

This  advance  institutional  advertising  mav  be  handled  in 
two  ways.  Either  start  with  a  big  gun,  a  large  space,  impres- 
sive announcement  advertisement  at  the  outset  and  follow 
with  light  artillery  fire  of  consistent  small  space  advertising 
leading  up  to  the  second  division  of  your  campaign,  or  reverse 
it  and  start  with  your  small  space  campaign  and  lead  up  to  a 
big  announcement  just  prior  to  the  merchandising  division  of 
the  campaign.  Both  of  these  methods  I  have  used  success- 
fully. 

The  appeal  of  this  advertising  is  general.  Each  advan- 
tage of  the  building  is  featured  separately,  creating  a  com- 
posite though  complete  understanding  of  the  finished  build- 
ing in  the  minds  of  the  renting  public. 

Advance  advertising  of  this  kind  is  highly  valuable.  It 
makes  for  the  most  economical  campaign  in  the  long  run. 


Page  seven 


Every  dollar  spent  in  advertising  early  is  worth  two  dollars 
spent  when  the  renting  season  has  past.  This  is  the  most  diffi- 
cult thing  to  make  the  average  owner  appreciate.  It  is  human 
nature  to  hope  for  the  best,  and  often  an  owner  cherishes  an 
optimistic  opinion  that  his  building  will  be  completely  rented 
before  completion  without  the  extra  stimulus  of  advertising. 
Then,  faced  with  considerable  vacancy,  two  or  three  months 
before  the  renting  season  he  turns  to  advertising  to  do  the 
impossible.  Advertising  at  the  last  minute  will  help  to  fill  up 
smaller  units,  I  grant,  but  it  cannot  influence  the  tenants  who 
have  signed  up  elsewhere,  whereas,  it  could  have  done  so 
earlier  before  renewals  had  been  signed  and  the  rental  market 
had  become  active. 

Another  point  in  the  favor  of  early  advertising  is  in  con- 
vincing the  renting  public  that  the  new  building  will  be  ready 
in  time  for  occupancy  when  it  is  wanted.  To  the  layman 
building  construction  is  a  mystery.  The  average  man  seeing 
a  building  under  construction  is  skeptical  enough,  anyway, 
as  to  its  completion  date.  He  doesn't  want  to  take  a  chance 
on  renting  an  office  that  will  not  be  ready  when  he  is  ready 
to  move.  If  you  advertise  the  completion  date  in  connection 
with  the  other  points  of  interest  it  helps  to  dispel  this  ques- 
tion from  his  mind. 

The  second  division  of  the  newspaper  campaign — active 
selling  advertising — should  be  instituted  five  or  six  months 
prior  to  the  renting  season.  This  is  a  combination  of  both 
heavy  artillery  and  machine  gun  barrages.  It  consists  of  both 
institutional  features  with  actual  merchandising  of  space.  By 
this  last  I  mean  the  illustrating  of  tentative  divisions  of  floor 
plans.  The  definite  descriptions  of  various  arrangements  of 
offices.  The  definite  appeal  to  certain  types  of  business  con- 
cerns for  certain  types  of  office  space  which  are  particularly 
suitable. 

Emphasis  should  be  laid  upon  reasonable  rentals  in  com- 
parison with  value  obtained.  Prices  may  be  quoted  in  this 
copy  but  it  is  usually  not  advisable  to  quote  on  a  square  foot 
basis.  Advertising  square  foot  rates  in  high  class  office  build- 
ings is  not  good  practice  in  most  cities  since  it  puts  all  space 
more  or  less  on  a  price  basis  without  regard  to  its  value  or 
to  the  character  of  the  building.  Showing  a  diagram  of  an 
office  that  gives  an  approximate  idea  of  the  space  in  an  adver- 
tisement together  with  a  flat  price  for  this  space,  without 
stating  the  exact  area,  is  permissible  and  most  effective  par- 
ticularly for  small  and  medium  sized  units,  since  there  are 
certain  types  of  business  and  professional  men  who  think  of 
an  office  in  terms  of  rentals  more  than  of  area. 

The  third  campaign  division,  designated  as  merchandis- 
ing advertising,  is  similar  to  the  active  selling  type,  but  is 


Page  eight 


even  more  specific.  It  is  the  "mop  up"  hand  grenade  division 
of  the  campaign.  In  this  the  various  odd  units  left  unrented 
on  divided  floors  are  specifically  featured,  priced  and  empha- 
sized. Floor  plans  may  be  effectively  used  showing  the  space 
on  a  specific  floor  already  rented  and  the  unit  or  two  that  is 
left  available.  The  showing  of  a  plan  this  way  creates  in  the 
mind  of  the  reader  the  idea  that  this  is  a  bargain  space  and 
that  there  is  not  much  left,  without  being  compelled  to 
announce  it. 

This  advertising  appeals  mainly  to  the  man  starting  a 
new  business  or  to  the  small  space  user  who  has  left  the 
renting  of  his  office  go  until  the  last  minute.  It  is  from  this 
section  of  the  campaign  as  well  as  from  the  previous  merchan- 
dising copy  that  the  most  direct  traceable  returns  will  be 
obtained. 

The  fourth  division  of  the  campaign — the  post  season 
advertising — is  a  follow-up  advertising.  Space  that  is  un- 
rented at  the  end  of  the  active  renting  season  will  have  to  be 
advertised  at  a  later  date.  The  time  in  which  to  do  it  and  the 
form  of  the  advertising  depends  upon  conditions.  If  a  build- 
ing is  not  completed  on  time  it  is  sometimes  necessary  to 
carry  on  a  small  space  institutional  advertising  campaign  on 
and  off  through  the  year  leading  up  to  a  limited  merchandising 
campaign  prior  to  the  following  renting  season. 

Post  season  advertising  may  be  made  a  most  effective 
selling  factor.  In  the  Canadian  Pacific  Building  in  New  York 
it  proved  so.  After  the  regular  selling  campaign  had  been 
completed  about  May  1st,  which  is  the  principal  office  renting 
season  in  New  York — it  was  determined  not  to  stop  adver- 
tising. There  was  still  some  space  to  be  rented,  not  enough 
to  cause  worry,  but  there  was  no  object  in  carrying  it  for  a 
year  if  any  activity  could  rent  it.  The  form  of  the  advertising 
was  changed.  We  stopped  talking  space  and  talked  "service." 
We  featured  "office  service  on  a  hotel  plane." 

Incidentally,  the  service  in  the  building  was  brought  up 
to  an  exceptionally  high  standard  of  courtesy  and  efficiency. 
The  campaign  was  successful  from  the  start — orifices  were 
rented  when  the  market  was  otherwise  dormant — and  the 
service  reputation  thus  created  made  such  a  strong  appeal 
that  now,  four  or  five  years  after  the  advertising  was  discon- 
tinued, the  Canadian  Pacific  Building  is  still  known  as  the 
office  building  with  hotel  service  and  it  has  been  kept  con- 
stantly close  to  100%  rented. 

The  next  step  in  preparing  a  campaign  is : 

Copy  Appeal  and  Style 

A  new  building  must  be  carefully  analyzed  and  studied 
from  all  angles  to  determine  its  most  potent  selling  features 
and  to  appreciate  its  drawbacks,  if  any.  The  chief  factors  for 


Page  nine 


EACH  BUILDING  SHOULD  HAVE  A  DISTINCTIVE  APPEAL 


Page  ten 


copy  appeal  are  light,  location,  service  and  prestige.  If  any 
of  these  points  are  exceptionally  good  they  should  be  specially 
emphasized.  And  sometimes  it  is  necessary  to  lay  special 
emphasis  on  some  point  that  is  not  necessarily  accepted  a> 
desirable.    Location,  for  example. 

When  the  Heckscher  Building  at  57th  Street  and  Fifth 
Avenue  was  being  completed  the  value  of  the  location  was 
not  universally  accepted.  Today  57th  Street  is  well  recog- 
nized— it  has  a  tremendous  future,  but  it  was  not  so  widely 
appreciated  some  few  years  back  when  the  Heckscher  Build- 
ing was  ready  for  occupancy.  This  fact  loomed  large  when 
the  campaign  was  being  planned.  It  was  just  as  essential  to 
"sell"  57th  Street  as  a  location  as  it  was  to  "sell''  the  building. 

If  public  acceptance  was  once  obtained  for  57th  Street  the 
Heckscher  Building  could  readily  be  rented,  as  it  dominated 
the  section.  We  did  just  that.  A  good  part  of  the  advertising 
was  devoted  exclusively  to  explaining  the  advantage  and 
future  of  57th  Street.  While  the  advertising  campaign  re- 
quired a  larger  investment  and  appeared  over  a  longer  period 
of  time  than  it  would  have  were  the  Heckscher  Building  on 
42nd  Street,  nevertheless,  the  building  rented  successfully  and 
no  small  part  of  its  success  can  be  credited  to  the  educational 
factor  in  its  advertising. 

The  daylight  advantages  in  a  building  may  be  featured 
graphically,  also  the  economical  layout  that  good  daylight 
assures. 

The  service  feature  is  subject  to  various  treatments  in 
publicity  depending  greatly  upon  how  high  a  service  standard 
is  to  be  maintained.  It  is  a  good  talking  point  and  stressing 
good  service  in  advertising  often  helps  to  keep  the  service 
standard  on  a  higher  plane  by  way  of  keeping  up  to  the  repu- 
tation the  copy  creates. 

Prestige  is  something  intangible  which  all  of  your  adver- 
tising helps  to  promote.  The  tenants  of  a  building  give  it 
prestige,  too.  and  good  tenants  are  a  good  advertising  feature. 
An  example  of  creating  and  maintaining  prestige  for  a  build- 
ing is  demonstrated  with  a  large,  new  office  building  recently 
completed  in  Newark,  Xew  lersev. 

It  is  a  magnificent  structure  from  an  office  viewpoint.  It 
has  350.000  square  feet  rentable  area  and  is  the  largest  office 
building  in  the  state.  The  only  obstacle  from  a  selling  stand- 
point is  that  its  location  is  in  a  new  business  section  which  is, 
undoubtedly,  the  business  center  of  the  future  but  which  has 
not  yet  obtained  full  public  acceptance.  In  this  campaign 
while  the  advantages  of  the  location  are  featured  the  greatest 
emphasis  is  laid  upon  the  prestige  of  the  building  and  the 
really  exceptional  offices  and  advantages  it  offers.  As  a 
result,  in  the  face  of  very  heavy  competition,  both  in  Newark 
and  in  nearby  New  York,  this  office  building  opened  except- 


Page  eleven 


ionally  well  rented  and  the  renting  since  has  been  kept  a  pace 
ahead  of  competition. 

At  the  outset  of  a  campaign,  an  analysis  should  be  made 
of  the  type  of  business  or  professional  men  for  which  the 


SOME  EXAMPLES  OF  EFFECTIVE  CAMPAIGNS 


building  or  location  is  especially  suitable  and  part  of  the  cam- 
paign should  be  specially  directed  to  them. 


Page  twelve 


Under  no  circumstances  should  all  the  features  of  a  build- 
ing- be  detailed  in  every  advertisement.  With  the  possible 
exception  of  the  opening  announcement,  in  each  advertise- 
ment one  particular  advantage  should  be  emphasized.  In  this 
way  each  point  can  be  given  force  and  can  be  readily  assim- 
ilated by  the  reader,  who,  by  the  way,  in  these  days  has  nei- 
ther the  time  or  inclination  to  wade  through  a  great  deal  of 
descriptive  matter.  Different  copy  and  different  features 
appeal  to  different  types  of  people.  So  in  splitting-  up  the 
advantages  of  a  building  into  separate  selling  advertisements 
you  are  reaching  all  types  during  the  course  of  the  campaign. 

The  style  and  appearance  of  the  advertising  is  a  most 
important  factor.  A  distinct  and  individual  style  for  each 
building  should  be  created  and  maintained.  It  must  be  strik- 
ing and,  like  the  method  of  handling  the  copy,  must  be  expres- 
sive of  the  character  and  personality  of  the  building. 

Good  composition,  good  art  work,  good  layouts,  are 
essential  to  the  success  of  the  campaign  for  each  advertisement 
must  stand  out  strongly  against  the  competition  of  every  other 
advertisement  on  the  newspaper  page. 

Selecting  the  Right  Media 

The  advance  planning  of  a  campaign  requires  an  analysis 
of  the  available  newspapers  or  trade  periodicals  to  determine 
those  with  the  most  circulation  among  possible  tenant  pros- 
pects. Some  papers  may  be  more  valuable  than  others  which, 
nevertheless,  have  sufficient  value  so  that  they  should  not  be 
overlooked.  The  basic  and  steady  campaign  should  be  sched- 
uled for  those  papers  which  obviously  are  the  most  valuable. 
The  opening  announcement  and  occasional  copy  should  be 
scheduled  in  the  second  string  papers. 

The  question  of  position  is  another  matter  to  be  consid- 
ered. Preferred  position  and  run  of  paper  position  is  dis- 
tinctly valuable  in  a  building  campaign.  This  should  be  used 
in  between  seasons  and  in  advance  of  the  active  renting  sea- 
son exclusively.  In  the  active  season  it  is  often  advisable  to 
run  part  of  the  campaign  in  special  positions  and  the  bulk  in 
the  real  estate  section. 

The  reason  for  this  is  that  in  the  forepart  of  the  news- 
paper the  advertising  reaches  the  majority  of  readers  whether 
they  happen  to  be  in  the  market  for  space  at  the  time  or  not. 
Here  it  will  impress  them  whether  it  be  consciously  or  uncon- 
sciously. It  also  reaches  the  larger  business  man  who  may 
never  refer  to  the  newspapers  in  seeking  an  office.  The  classi- 
fied columns  receive  more  attention  during  the  active  renting 
season  and  the  user  of  small  space  is  pretty  apt  to  follow  them 
closely.  By  using  a  combination  of  display  classified  space 
and  preferred  position  you  reach  all  types  of  possible  tenants. 


Page  thirteen 


RESIDENTIAL  PROPERTY  ADVERTISING  MAY  BE 

MOST  ARTISTIC 


Page  fourteen 


Direct  by  Mail  Advertising  and  Features 

Booklets,  circulars  and  circular  letters  have  a  decided 
place  in  any  well-rounded  office  building  campaign.  An  illus- 
trated booklet  will  give  the  prospective  tenant  a  better  picture 
of  the  finished  building  while  it  is  under  construction  than 
any  other  thing.  Of  course,  working  floor  plans  are  an  abso- 
lute necessity,  but  the  booklet  will  play  an  important  part  as 
a  renting  aid. 

If  a  good  mailing  list  is  prepared,  brief  circular  letters 
sent  at  regular  intervals,  each  emphasizing  some  specific 
advantage,  or  describing  space  of  particular  interest  to  the 
class  of  men  you  are  addressing,  will  prove  effective.  Some 
buildings  have  published  monthly  booklets  that  serve  as  house 
organs  and  replace  other  forms  of  direct-by-mail  literature. 
These  should  be  published  monthly  for  six  or  eight  months 
prior  to  the  building's  completion  and  afford  opportunity  to 
talk  of  new  leases,  the  utilization  of  space  as  well  as  the  prog- 
ress of  the  building.  When  properly  prepared  and  printed  the 
house  organ  is  an  excellent  selling  factor. 

Direct-by-mail  advertising  should  dovetail  in  with  the 
newspaper  advertising  and  helps  to  bring  the  points  you  are 
emphasizing  to  the  prospect  in  public  print,  direct  to  his 
attention  in  his  office  and  in  greater  detail. 

Apartment  House  Advertising  Is  Basically  the  Same  as 
Business  Building  Advertising 

Exactly  the  same  principles  I  have  described  for  office 
building  advertising  are  applicable  to  apartment  house  adver- 
tising. The  same  procedure  in  laying  out  the  campaign,  in 
determining  the  appropriation  should  be  followed.  The  most 
vital  difference  between  the  two  is  in  the  copy  appeal  and  the 
method  of  presentation. 

Apartment  house  advertising  is  directed  more  to  women 
than  to  men.  An  analysis  of  the  feature,  all  of  the  advantages 
in  housekeeping,  entertaining,  the  comfort,  niceties  of  apart- 
ment life  and  modern  convenience  should  be  summarized. 
These  points  must  be  written  about  in  a  way  that  will  attract 
the  feminine  eye  and  appeal  to  the  feminine  mind.  The  adver- 
tisements should  be  dainty  in  appearance,  artistic  and  at- 
tractive. 

Argumentative  copy  is  not  so  valuable  as  that  which 
paints  an  ideal  picture  of  apartment  life  and  appeals  to  pride 
of  home,  in  prestige  and  nice  surroundings.  I  am  speaking 
now  generally  of  high  class,  exclusive  apartment  houses. 

Before  copy  can  be  prepared  the  market  must  be  analyzed 
and  the  type  of  copy  must  depend  upon  the  probable  type  of 
consumer.  If  it  be  a  medium  or  low  priced  apartment,  of 
course,  economy  and  low  rent  must  be  given  prominence. 


Page  fifteen 


This  shows  the 
new,  exclusive 
business  center 
of  Newark— the 
location  of 

71*. 

INDUSTRIAL 
Of FIC E 
BUILDING 


JOIN  the  leaders  of 

Newark  Business! 

building  n  i  hu.io«,  himx-Thr  «J  JT^  i  mfho°'"><i 
ScMUre%  i\l  ftw  U    II       l  .  *""'  «*>'k>™c  factor!  jf,J  Jltl 

IBTXT  IB  «Wl  It  °"  ►"«»"  NOW 


^riceBui«i««  I    Open  and  Ready  for  Occupancy 

NDUSTRI4 

"TIT" 


FFICE  BUII 


A  business  address 
that's  a  business 
asset- 


tria.1  ,w''Pffln»M  , 


&>e  of  Americas  Great  OfTiceBuiTd. 


You  Too  will  find 
a  Beautiful  Office  Here- 

— and  at  a  Moderate  Prict 


Your  Office  Should  Ref 
Your  Business!  But  Doet 

DOES  y*ur  o&ice  measure  up  w  *m»r  h« 
•uftdud»~ -out  id«*  oi  what  your  oRice  | 
br?  Doc*  U  iKjpw«  you*  cbttfw  favorably?  II  y<* 
)K,*rt  "yes"  to  thww  qu«mon*  you  *bould  s 
bwnKiJul  office*  you  can  obtain  at  raotkwfe  irfi 
the  Indtntrial  Office  BuiMmfc  Tb*?  *«  1,11  * 
oflicesj^ht  and  airy.  They  arekejrt  spiv  and  span-T 
rfficVm  CTtiptoyrr*  *erve  you  cofi«**ntly.  Evi*rf 
l*«iur*  and  convenience  »  yours,  a'»d  you  hi- 
presttfc*  oJ  being  amorvj  the  most  importam  bji 
and  pTof«T*KmaJ  bWdBWd  gathered  uouVr  oB 
in  Newark  I**  us  shew  you  an  olKee  that  is  * 
«tting  *0WI  P***in*f»  while  "there  is  wtiS 
available. 

.  V*^  >w  f  «.  H 

INDUSTRIAL 
OFFICE  BUILDIN< 


Here,  in  this  Splendid 
an  office  is  still  available  t'c 

Never  before  in  Newark  ha*  fttub  a . 
important  industrial  ami  protraacinat  i 
been  gstheted  under  one  root 

You  will  bkc  the  dknitird  i 
thu  building,  its  Kifeh  nUne.  of  etbcw 
teou*  service. 

"You,  *»  a  djAoimtnaung  rrusiiv**  n 
bi  thfe  environtmot.  Hnr  you  will  I 
oSke  you  tired  wttb  incoi»panil>l«'  fctttuf 
advantage*.  Yel  it  costs  you  no  raw*  'rt 
nrdiocr*  ItKaiton. 

[  x«.-.tu*  in  tH>:-  budding  th»t  n>  i  hv 
btmnew  prti|(ri:?w  in  Newark.   S«e  tht 
now.  See  how  »»-**onabiy  you  can  rt-rii 


kV  Ir«Un«  (iwiww  ;tnd  r*of**K>n.,l 
are  nmunt  (ho  riRht  kind  oi  «pxg  ^  j  otti.v  , "  , 

IU1R  ««»'nmMolpro«rc»«\ehuMn«*1nN,w.1.rk. 

will  you  when  y»u  inv^M^M! 
hf«  jrc  no  rnarty  unex(x-cu^  nioniM  o(  «ervk>and 

^  J      H     S2i  ^whow  »Ik  KuMing. 

ro-t^K,,]u  r«i!ul.ired  bat  keep*  ihe  clinwrc  of 
?**,  *!     rv'tfn  Hmi|WTarur<-  ib«-  yrar  rouixl  Air 
will  JP^1  ,o  >out  Vo,,  u-ui  W4r.i  (0  I*. 
*J*n  fou  *v  .1,,  ^  w«j  Wrn  how  r^n.;blT 


10W  B*\«J  S«fc*< 
aw*«fi 


INDUSTRIAI 
OFFICE  BUILD! 


1060  Btnad  Sttc« 


of  T{rwark 


INDUSTRIAL 
OFFICE  BUILDINfi 


(  One  of  Amrju'i  Gnat  Office  Buildup 

—A  Product  <f, 


A  Product  of  Newark  Ente 


EXAMPLES  OF  INSTITUTIONAL,  MERCHANDISING  AND 
ACTIVE  SELLING  COPY  IN  ONE  CAMPAIGN 


Page  sixteen 


But  even  then  the  idealizing-  of  the  home  life  is  a  selling 
factor. 

Co-operative  apartment  advertising  differs  somewhat 
from  the  above,  in  that  it  must  appeal  to  both  men  and  women 
alike.  So  it  must  vary  in  tone.  Facts  and  figures  in  the  econ- 
omy of  buying  make  up  the  appeal  to  men,  while  the  women 
are  still  influenced  by  the  same  factors  which  govern  their 
judgment  in  renting.  Some  advertisements  should  be  written 
especially  to  men,  some  to  women  and  some  to  both  to  make 
the  campaign  most  effective. 

A  good  descriptive  booklet  is  of  more  value  even  in  an 
*  apartment  house  campaign  than  it  is  in  an  office  building 
campaign.  Women  are  impressionable  and  they  are  strongly 
influenced  by  the  printed  word  and  attractive  pictures.  For 
this  reason  the  artistic  value  of  an  apartment  house  booklet 
is  important. 

In  estimating  an  appropriation  for  an  apartment  house, 
usually  in  the  neighborhood  of  5%  of  the  total  of  the  leases 
to  be  made  is  sufficient.  That  is  if  your  leases  average  three 
years,  figure  the  gross  yearly  rentals  on  a  90%  rented  basis, 
multiply  by  3,  and  take  5%. 

Beside  the  newspaper  and  direct-by-mail  advertising 
there  are  other  methods  of  arousing  interest  that  may  well  be 
included  in  a  well-conceived  campaign,  modified  to  suit  spe- 
cific conditions.  We  term  them  : 

"Promotional  Plans" 

They  are  applicable  variously  to  both  office  buildings  and 
apartments  and  have  proved  most  successful. 

I  refer  to  the  use  of  model  offices  and  apartments  for 
demonstration  purposes.  An  apartment  or  suite  of  offices 
may  be  completed  in  advance  and  furnished  complete  by  local 
stores.  Furnishings  for  this  purpose  are,  of  course,  loaned. 
In  some  instances  space  in  loft  or  office  buildings  has  been 
leased  for  this  purpose,  in  advance  of  the  completion  of  the 
new  apartment  or  office  building  to  be  sold.  An  exact  dupli- 
cate of  some  of  the  units  are  built  in  this  leased  space  and 
furnished  so  that  prospects  may  obtain  a  complete  visualiza- 
tion of  the  space  before  it  is  practical  or  possible  to  show 
them  through  the  new  building  itself. 

At  the  opening  of  an  apartment  building  a  reception  may 
be  held — if  possible,  under  the  auspices  of  some  prominent 
woman,  and  engraved  invitations  sent  to  a  selected  list.  Sim- 
ilarly a  luncheon  or  buffet  supper  held  at  the  opening  of  an 
office  building  is  effective,  inviting  local  business  men,  news- 
paper editors,  prospective  tenants,  and  so  forth.  These  func- 
tions enable  you  to  show  available  space,  introduce  all  the 
features  and  advantages  to  prospects  under  most  auspicious 
circumstances.  They  create  valuable  good  will. 


Page  seventeen 


SEVERAL  PHASES  OF  A  WELL  ROUNDED 
OFFICE  BUILDING  CAMPAIGN 


Page  eighteen 


Free  Newspaper  Publicity 


I  have  not  discussed  newspaper  publicity  since  it  has 
been  my  experience  that  most  real  estate  men  appreciate  the 
value  of  this  phase  of  a  campaign  and  utilize  it  effectively.  It 
is  important,  and  will  bear  study  and  attention.  Properly 
written  news  articles  will  be  readily  used.  A  new  building 
can  keep  itself  constantly  in  the  news  columns  if  judgment  is 
applied  to  the  preparation  of  news  articles.  To  do  this  you 
must  be  able  to  distinguish  news  interest  from  points  that  are 
purely  advertising. 

Newspaper  editors  are  swamped  with  poorly  conceived, 
unnewsy  publicity  articles  so  that  they  welcome  those  that 
are  properly  prepared,  have  news  value  and  do  not  require  too 
much  rewriting  or  editing.  Do  not  pad  news  articles  too 
much.  Remember  the  news  columns  are  intended  for  news 
and  the  editors  have  a  limited  space  to  fill.  Use  free  publicity 
with  judgment  and  use  it  consistently. 

Why  Do  Not  More  Real  Estate  Agents  Advertise 

Themselves.? 

With  the  hundreds  of  thousands  of  dollars  spent  in  adver- 
tising by  various  building  owners,  over  various  real  estate 
agents'  names,  it  is  surprising  that  few  of  them  take  advan- 
tage of  the  value  of  this  publicity  with  institutional  campaigns 
of  their  own.  A  real  estate  agent  who  is  renting  and  manag- 
ing agent  for  a  number  of  buildings  is  far  more  important 
than  any  one  of  his  buildings.  He  has  something  to  sell  the 
public,  he  has  a  definite  service  to  offer,  both  to  the  renting 
and  buying  public  and  the  property  owner.  Institutional 
advertising  for  him  can  create  valuable  public  good  will. 
Direct-by-mail  and  newspaper  management  advertising  di- 
rected to  property  owners  will  pay.  The  public,  when  in  the 
market  for  space,  may  know  the  agent  in  his  capacity  as  man- 
ager of  this  or  that  building,  but  it  does  not  appreciate  the 
scope  of  an  agent's  service.  It  should — and  the  agent  who 
utilizes  publicity  to  this  end  finds  that  it  is  well  worth  its  cost. 

General  advertising  directed  to  the  renting  public  im- 
presses the  owner,  too.  And  direct  advertising  to  owners  is 
a  helpful  and  profitable  adjunct  to  direct  solicitation.  I  know 
of  one  such  campaign  that  I  was  instrumental  in  producing, 
which  at  the  small  cost  of  about  $1,500  not  only  was  partly 
responsible  for  obtaining  one  of  the  largest  office  buildings  in 
the  city,  but  resulted  in  obtaining  several  smaller  buildings. 
This  particular  campaign  took  the  form  of  fifteen  short  inter- 
esting letters  and  a  handsome  book  describing  management 
methods  in  full. 


Page  nineteen 


The  Principles  of  Real  Estate  Advertising  Are  the  Same 

Anywhere 

I  have  found  that  fundamentally  the  advertising  of  an 
office  building  or  apartment  building  in  any  city  is  very  much 
the  same  problem  and  subject  to  similar  treatment.  Proved 
principles  of  New  York  campaigns  work  equally  well  else- 
where with  modifications. 

So  true  is  this  that  I  have  handled  campaigns  in  cities 
many  miles  from  New  York  for  buildings  that  I  have  never 
seen.  It  is  simply  necessary  to  obtain  certain  facts  and  infor- 
mation pertaining  to  local  conditions,  and  then  apply  the 
same  formula  of  merchandising  and  selling,  to  the  preparation 
of  the  campaign  referring  to  records  of  buildings  in  New  York 
or  other  cities  which  were  subject  to  similar  conditions. 

All  of  this,  as  I  have  outlined  it  here,  sounds  compara- 
tively easy.  But  it  is  not.  A  few  pretty  advertisements  do 
not  make  a  campaign.  You  must  know  the  most  effective 
arguments  and  type  of  advertising  to  use  for  the  purpose  and 
when  to  use  them.  It  takes  a  peculiar  combination  of  knowl- 
edge. To  know  real  estate  is  not  enough.  To  know  advertis- 
ing is  not  enough.  You  must  know  both. 

While,  as  I  said  at  the  outset,  real  estate  advertising  is 
a  matter  of  applying  the  sound  principles  of  merchandising 
and  selling  that  'have  proved  successful  in  other  lines  of  busi- 
ness, you  must  know  real  estate  to  do  it.  That  takes  study 
and  more  study.  It  is  a  specialized  job,  as  I  found  out  thir- 
teen years  ago.  The  primary  reason  that  real  estate  advertis- 
ing has  not  advanced  more  rapidly  is  that  there  are  too  few 
men  who  possess  the  proper  equipment  to  produce  it. 

As  a  result  of  more  than  thirteen  years  specializing  in 
this  work  I  unhesitatingly  affirm  that,  given  the  co-operation 
of  a  competent  renting  and  managing  agent  the  properly  con- 
ducted advertising  campaign  will  so  shorten  the  period 
required  for  renting  a  building  and  it  will  more  than  pay  for 
the  investment. 


Page  twenty 


HIS  organization  is  acting  as  advertising 
counsel  for  leading  Realty  Interests  in 
various  cities. 

It  offers  you  a  wide  experience  in  adver- 
tising all  branches  of  real  estate. 

BIRCH -FIELD   &   COMPANY,  INC. 

110  WEST  40th  STREET  NEW  YORK 

INTELLIGENT  ADVERTISING 
In  Neuspapers  Periodicals  Billboards 

Car  Cards  Booklets  Circulars 


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